Apply Prepayment to A/R

JIB ›› Tools/Settings for Op. Statements ››

Apply PrePayment to Accounts Receivable

This routine allows you to apply a Prepayment (Advance) amount to Accounts Receivable Invoices.

Select JIB - Tools for Statements - Apply Prepayments to A/R

This routine allows you to post prepayment remaining toward outstanding Accounts Receivable invoices.  If an owner has a prepayment balance amount of $24 and owes $40 in Accounts Receivable invoices, you may apply this amount against the oldest Accounts Receivable invoices for this well and reduce the amount he owes to $16.

RESTRICTIONS

You may only use this routine if an Owner has a greater Accounts Receivable balance than his prepayment balance. 

HOW IT WORKS

The program will perform a sanity check to verify that the Accounts Receivable balance is greater than prepayment balance for the specified owner on a specified well.  You will be prompted if the sanity check fails. 

The prepayment amount will be applied as a payment record to the oldest Accounts Receivable invoice for the unit specified.  The Accounts Receivable Inquiry Report will indicate this as a 'Pay Accounts Receivable from Prepay’.   

A credit will be posted to general ledger number 11300, Accounts Receivable and a debit will be posted to general ledger number 21015 or 21020, prepay in the Transaction file.  The prepay balance for this owner will be reduced to zero in the DOI file.

You may apply the prepayment balance amount against Accounts Receivable invoices for only one owner on one well at a time.

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